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April 14, 2021
ISLAMABAD: The audit firm that gave Jehangir Khan Tareen’s JDW Sugar Mills Limited a clean bill of health year-on-year remains unaccounted for though a reference was filed against it but never followed through – apparently due to conflicting interests. The JDW Sugar Mills, together with 14 other mills, is currently facing a probe by the Federal Investigation Agency.
The Sugar Inquiry Commission in its final report submitted to the federal cabinet on May 21, 2020, accused the auditors of neither obtaining appropriate assurance that the financial reports were free from material misstatement nor ensuring that the accounting treatment was appropriately applied. The report further noted that the auditors also didn’t address any deficiencies detected so that the investors and other users of financial reports were not misled with regard to the quality of information they contained.
Who will audit the auditors?
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Who will audit the auditors?
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
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April 8, 2021
LAHORE: The Lahore High Court Wednesday provisionally allowed the Punjab government to enforce the ex-mill price of sugar at Rs80/kg to meet the demand of the commodity during the upcoming month of Ramazan. Before passing the order, Justice Shahid Jamil Khan gave two opportunities to the sugar mills and the government to resolve the matter amicably. The mills agreed to sell sugar at Rs83/kg to the government, the dialogue remained unfruitful. Tandlianwala Sugar Mills and others had challenged the government’s decision to fix the ex-mill price for sugar at Rs80/kg.
Opposing the petitions, a government’s law officer said there was 2.5 million tons sugar in stock of the mills whereas the demand during the month of Ramazan would be around 155000 tons. The judge observed that there should no shortage of sugar during the holy month. He allowed the government to buy sugar from the mills at Rs80 per kg to meet the demand in Ramazan. The judge deferred hearing